Norebase Raises $1M To Allow Companies Start, Scale, And Operate In Any African Country
05/04/22, 11:09 AM
Money raised
$1 million
Industry
software
Round Type
seed
Startup pitches with promises to provide various services to Africans — across different sectors — are commonplace now. And in trying to sweet-talk investors, what’s not taken into context or often disregarded is that Africa is a fragmented $3 trillion market. The continent is also home to more than 1.2 billion people with below-average disposable income, most living in landlocked nations.
Company Info
Additional Info
Although the company plays in a market with little competition (Lagos-based Sidebrief is one company offering similar services), it won’t stay that way for long as the trade tech opportunity — particularly as African businesses continue to transact with each other and western countries — is poised to open up in the next couple of years and attract more funding. Norebase doesn’t have a fixed fee and charges its clients based on the services they want, Onayemi said on the call without commenting on the company’s pricing range. On traction, Norebase claims to have delivered 100% month-on-month growth in transaction volumes for the last six months.